Brent Crude Surges Past $100 Amid Strait of Hormuz Closure and Iranian Naval Attacks

Brent crude futures climbed above the $100 per barrel threshold on Wednesday, driven by escalating geopolitical tensions in the Middle East and tighter-than-expected U.S. supply data. The price surge follows an announcement from Iran's Revolutionary Guard, which claimed to have fired upon three vessels and seized two others within the Strait of Hormuz. The critical maritime corridor, essential for global oil transit, remains closed, raising immediate concerns over systemic supply disruptions. Adding to the bullish momentum, the latest weekly inventory reports revealed a surprise draw in U.S. crude stockpiles, suggesting stronger demand or tighter supply than analysts had previously anticipated. The combination of a physical blockade at a primary oil chokepoint and declining U.S. reserves has created a high-volatility environment for energy traders. Markets are now pricing in a significant risk premium as the international community monitors the stability of the region and the potential for wider conflict.